Proposed real estate Regulatory Bill
The union cabinet will soon consider the real estate regulatory bill which will provide the regulatory authorities with specified functions, powers and responsibilities to settle disputed.
According to the bill the registration of the property agents and the real estate projects will be made compulsory.
There will be a provision for imprisonment for the builders who sell plots or apartments before registration.
According to the proposed bill, the developers will be bound to deposit 70% of the fund received from the buyers, which can be used only for the development of the project.
According to Confederation of Real Estate Developers’ Associations of India (CREDAI), the bill will discourage the builders to create an unfriendly investment atmosphere.
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Source : Economic Times
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